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15 City of San Leandro | Economic Development Initiatives and Work Plan | May 2013 <br /> <br />Accomplishments To-Date: Staff continues to work with the project partners on development <br />concepts and negotiations are underway for a Development Agreement that will clear the way <br />for a smooth and efficient development process. The Development Agreement and Planned <br />Development Permit are expected to be brought to the City Council for approval in late 2013. <br /> <br />Cornerstone/San Leandro Crossings – The Cornerstone building, which is part of the San <br />Leandro Crossing development project at the San Leandro BART station, will consist of 200-unit <br />affordable housing rental units. The updated Cornerstone affordable rental housing project <br />represents the first residential development to <br />occur under the Downtown TOD Strategy. The <br />Cornerstone will enhance downtown with its <br />attractive architectural design, increase public <br />transit use and the number of people patronizing <br />downtown businesses. The Cornerstone has <br />leveraged over $30 million in public funding ($9.1 <br />million loan from the former Redevelopment <br />Agency and over $22 million in Proposition 1C grant funding from the State,) and will help the <br />City meet its State and federal affordable and workforce housing goals. Construction is <br />expected to begin late in 2013. <br />Accomplishments To-Date: An Owner Participation and Loan Agreement (OPLA) was executed <br />with developer BRIDGE Housing in 2009. Since that time, the City and the developers have <br />successfully revised the project plan to reflect changing market conditions and are now working <br />with the State of California to confirm the availability of all required funding sources. <br /> <br />1595 Washington Ave (Former East Bay MUD site) – The City and Successor Agency <br />own two adjacent parcels at 1595 Washington Avenue and 268 Parrott Street in Downtown San <br />Leandro. The parcels total slightly less than half an acre and, under the Transit Oriented <br />Development Strategy, are zoned for a mix of retail and residential development. 1595 is <br />owned by the Successor Agency and will need to be sold in the reasonably near future in <br />accordance with State law. To the extent possible, Business Development staff will work to <br />transfer the properties to a developer that is prepared to actively move forward on <br />development plans consistent with the current zoning. Plans for the site will be incorporated <br />into the Successor Agency’s Long Range Property Management Plan, expected to be completed <br />in late 2013.